Excelsoft Technologies IPO Subscribed 500% on Day 2; GMP Hints at 12% Gains: Check Allotment & Listing Date

The Excelsoft Technologies IPO witnessed strong investor interest on Day 2, with the issue oversubscribed 4.99 times, or nearly 500%, by the afternoon of November 20. The bidding window opened on November 19; by the close of the second day, the IPO saw a massive jump in demand by heavy retail and NII participation.

Excelsoft Technologies IPO GMP Today

The Excelsoft Technologies IPO GMP today stood at Rs. 14.5 as of 1:35 PM on November 20. A positive GMP suggests that the stock could list at a premium on the exchanges. Since the IPO's upper price band is Rs. 120, the estimated Excelsoft listing price is around Rs. 134.5, indicating an expected 12.08% listing gain.

Excelsoft Technologies IPO Details

The Excelsoft Technologies IPO was a total issue size of Rs. 500 crore with a price band of Rs. 114-Rs. 210 per share. It comprises a fresh issue of Rs. 180 crore and an offer for sale worth Rs. 320 crore. The bidding window opened on November 19 and will close on November 21. The Excelsoft IPO allotment date is scheduled for November 24, and the company is expected to list on BSE and NSE on November 26th.

Should Bid/Avoid the Excelsoft Technologies IPO?

For investors who are thinking about whether or not they should subscribe, Canara Bank Securities recommends the IPO only for long-term, high-risk investors looking for exposure to scalable EdTech platforms.

The brokerage in its note said that "Excelsoft's shift from service-driven revenues to a SaaS-led scalable model is a major positive. The company also benefits from strong cash flows and long-term structural tailwinds in EdTech. However, its financials currently do not reflect typical SaaS scalability. Concerns cited include modest ROE, which is around 10%, muted revenue CAGR, and significant dependency on Pearson. Valuations too are elevated at around 39x FY25 P/E and 57x Q1 FY26 annualised. While proprietary technology and strong customer relationships support long-term prospects, near-term performance may remain moderate due to valuation pressure and concentration risks."

About Excelsoft Technologies

Excelsoft Technologies Limited, incorporated in 2000, is a global vertical SaaS company specialising in the learning and assessment market. The company offers technology-driven solutions such as AI-powered applications, digital assessments, online proctoring, learning experience platforms, student success platforms, and digital eBook platforms, catering to educational publishers, testing companies, universities, and corporate learning segments worldwide. The company holds a PAT margin of 14.87% and an EBITDA margin of 31.40%.

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